This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Piedmont Office Realty Trust Declares Dividend And Reports Quarterly Financial Results

ATLANTA, Aug. 10, 2010 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. ("Piedmont" or the "Company") (NYSE:PDM), an owner of primarily Class A properties located predominantly in the ten largest U.S. office markets, today declared its third quarter 2010 dividend in the amount of $0.315 per share and announced its results for the quarter ended June 30, 2010.

Donald A. Miller, CFA, President and Chief Executive Officer, stated, "Our ongoing focus on leasing is evident as we increased activity during the quarter while slightly increasing our occupancy and adding to our roster of high quality tenants. The overall office market remains challenging, but we believe we are well-positioned with high quality assets and a strong, low-leverage balance sheet. In this environment, we continue to control what we can and have kept a tight rein on property operating costs. We plan to remain patient and disciplined with regard to acquisitions, but intend to take advantage of market opportunities to enhance our presence in key strategic markets."


On August 10, 2010, the board of directors of Piedmont declared dividends for the third quarter 2010 in the amount of $0.315 per share on all classes of outstanding common shares of Piedmont to stockholders of record for such shares as shown on the books of Piedmont as of the close of business on September 15, 2010. Such dividends are to be paid on September 22, 2010.

Results for the Second Quarter ended June 30, 2010

All prior period per share amounts have been retroactively restated to reflect the stockholder-approved recapitalization of our common stock and current period per share amounts reflect the issuance of 13.8 million shares of common stock in our recent public offering. Both the recapitalization and issuance of stock occurred during the first quarter of 2010.

Piedmont's net income available to common stockholders was $19.6 million, or $0.11 per diluted share, for the second quarter of 2010, compared with $28.0 million, or $0.18 per diluted share for the second quarter of 2009. Excluding the previously announced $9.6 million impairment charge associated with adjusting the 111 Sylvan Avenue property to estimated fair value in anticipation of a sale, net income available to stockholders would have been $29.2 million, or $0.17 per diluted share, in the second quarter of 2010. Funds from Operations (FFO) for the quarter totaled $56.6 million, or $0.33 per diluted share. Core Funds from Operations (which excludes the impairment charge associated with the 111 Sylvan Avenue property) totaled $66.2 million, or $0.38 per diluted share which reflects approximately $.035 in dilution related to the issuance of 13.8 million shares of common stock during first quarter of 2010 when compared to $68.5 million, or $0.43 per diluted share, in Core Funds from Operations that was earned during the second quarter of 2009. Adjusted FFO (AFFO) in the second quarter totaled $52.0 million, or $0.30 per diluted share, as compared to $59.4 million, or $0.38 per diluted share, in the second quarter of 2009.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
PDM $20.14 -0.15%
AAPL $94.33 -0.89%
FB $118.09 0.56%
GOOG $696.46 0.59%
TSLA $230.00 -1.00%


Chart of I:DJI
DOW 17,704.41 -46.50 -0.26%
S&P 500 2,056.36 -7.01 -0.34%
NASDAQ 4,745.3110 -17.9130 -0.38%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs